New Global Study Explores Untapped Opportunity for Growth in the B2B Market by Putting Customer Experiences First
A global study released by Accenture Interactive at the annual B2B Online conference highlights urgency for B2B leaders to combine a human-centered approach to sales with investments in digital tools to improve the service experience for customers and achieve lasting growth.
The study titled Service is the New Sales, surveyed 748 B2B buyers and 1,499 B2B sellers across 10 countries and 16 industries. It isolated B2B leaders from the laggards via weighted responses given to 12 questions across three key pillars of B2B transformation (organizational strategy, activities, and infrastructure) to distinguish between organizations leading the way and those falling behind.
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“Today’s B2B leaders are struggling with how to effectively integrate human interactions with digital experiences that enhance customer service,” said Glen Hartman, head of Accenture Interactive, North America and global digital marketing lead. “Our study identifies prescriptive steps for B2B sellers to drive lasting growth by embracing service as a top priority, resulting in higher buyer satisfaction and longer term, more loyal relationships.”
here’s an increasing dissatisfaction among buyers in the B2B space; in fact, 80% of frequent buyers report that they will have switched suppliers at least once within a 24-month period. The study highlights several reasons for this growing frustration, including:
- Not meeting buyers’ needs: To survive in the digital ecosystem, some B2B sellers have focused on digital upgrades only to find themselves disconnected from meaningful dialogue with long-time customers. Conversely, other sellers remained focused on traditional sales cycles, without making the digital investments critical to modern commerce. The study finds that for the leaders, this is an “and,” not an “or.”
- Failing to marry technology and human interaction: With so much focus on scaling up digital platforms, it appears that the high-touch, relationship-driven side of the business has taken a backseat in B2B space. In fact, the laggard sellers in this survey were more likely (62%) than those with a service mindset (48%) to invest in sales plays that lacked salesperson support.
- Organizational disconnect: The majority of laggard sellers (69%) identify ‘cultural resistance to change at the board level’ as their primary challenge, while leaders are over four times more likely to have complete senior stakeholder buy-in for digitally-enabled customer service efforts.
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Accenture Interactive interviewed 748 buyers and 1,499 sellers across 10 countries, 16 industries, and more than 20 roles in March 2019. Countries included Australia, Brazil, Canada, China, France, Germany, Japan, New Zealand, the UK, and the US Industries were grouped under seven key industry sectors: products; transportation/transit, logistics, utilities and infrastructure; automotive, aerospace and defense; chemicals, materials and industrial equipment; technology and electronics; life sciences; communications, media and entertainment.
All respondents were either directly involved in or had oversight of their firm’s buying or selling strategy and processes. Around a quarter were from the C-suite, while the rest were manager level and above. All firms included in the survey reported annual revenues of at least $25 million a year up to more than $5 billion a year for the largest sellers.
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